# Logit Robustness: Region and Income Fixed Effects

Peg vs Float (intermediate regimes dropped). Columns report marginal effects at means.

| Variable | Pooled | Region FE | Income FE | Region+Income | OECD only |
|:---|---:|---:|---:|---:|---:|
| Z_1 | 0.7882*** | 0.1581*** | 0.5883*** | 0.1520*** | 3.1438*** |
| | (0.2275) | (0.0305) | (0.2218) | (0.0371) | (0.8724) |
| Z_2 | -0.1219*** | -0.0209*** | -0.0755** | -0.0176*** | -0.4427*** |
| | (0.0354) | (0.0045) | (0.0338) | (0.0054) | (0.1183) |
| Z_3 | 0.0049*** | 0.0007*** | 0.0027* | 0.0006*** | 0.0173*** |
| | (0.0015) | (0.0002) | (0.0014) | (0.0002) | (0.0045) |
| fiscal_bal_gdp | 0.0016 | 0.0002 | 0.0037*** | 0.0006*** | 0.0039 |
| | (0.0010) | (0.0001) | (0.0011) | (0.0002) | (0.0035) |
| nfa_gdp_lag | 0.0518*** | 0.0071*** | 0.0500*** | 0.0089*** | -0.1296*** |
| | (0.0070) | (0.0009) | (0.0068) | (0.0011) | (0.0364) |
| rgdp_growth | 0.0046*** | 0.0006*** | 0.0036*** | 0.0007*** | 0.0028 |
| | (0.0009) | (0.0001) | (0.0009) | (0.0001) | (0.0042) |
| kaopen | 0.0126*** | 0.0027*** | 0.0149*** | 0.0032*** | -0.0072 |
| | (0.0037) | (0.0005) | (0.0037) | (0.0006) | (0.0120) |
|:---|---:|---:|---:|---:|---:|
| N | 2841 | 2841 | 2535 | 2535 | 673 |
| Pseudo-R² | 0.0793 | 0.1947 | 0.0976 | 0.2066 | 0.0719 |
| Countries | 119 | 119 | 116 | 116 | 28 |
| Region FE | No | Yes | No | Yes | No |
| Income FE | No | No | Yes | Yes | No |

*Pooled logit with Hessian-based standard errors. Marginal effects at means reported.*
*Region FE: World Bank regional dummies (EAP, ECA, LAC, MENA, NAC, SAS, SSA). Income FE: low/lower-middle, upper-middle, high (from GDP per capita PPP).*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*